RamQuest Complies with HUD-1 Addendum Requirement from VA
|August 23, 2010|
RamQuest Inc. announced that its flagship product for title and escrow production, Complete Closing Enterprise, is in compliance with the new requirements recently issued by the Department of Veterans Affairs (VA) for an addendum to the 2010 HUD-1. RamQuest’s latest version of Complete Closing Enterprise, 6.5.2, was made available to all customers last month, well in advance of the VA announcement, and features a 2010 HUD-1 Addendum that is versatile enough for use in many different scenarios whenever additional itemization is needed beyond the information contained on the 2010 HUD-1.
Announced in a VA Circular on July 30, with an implementation requirement for all loan applications taken on or after October 1, 2010, the VA called for an itemization of any lump sum credits to Veterans and also for title services charges. The Circular synchronizes VA closing requirements to the U.S. Dept of HUD’s 2010 RESPA requirements by stating that the VA will continue to require itemization of certain fees, adding that itemizations should be done in an attachment or addendum to the HUD-1 and not on the HUD-1 form itself. This is in keeping with the trend the VA started with its Jan. 7 Circular calling for a breakout of loan origination charges on a separate worksheet. For more on the VA Circular and a clarification issues by the VA, check out ALTA’s article
VA Clarifies Itemization of Fees on HUD-1.
“As an industry leader from the onset of RESPA Reform, RamQuest has successfully delivered all of the required, regulatory changes well in advance of deadlines ensuring that our customers have ample time for preparation, implementation and training in their operations, and this is no exception.” commented Mark McElroy, president and CEO of RamQuest, Inc. “Just as critical to our customers’ success during this RESPA Reform period, has been RamQuest’s ability to go beyond the regulatory compliance and also deliver 2010 HUD-1 support that has eased transition difficulties and helped customers gain competitive advantage and grow market share. This support has ranged from delivering education and consulting services for customers, to reform-friendly product features like attachable Breakout Reports that itemize 801 and 1101 totals and the ability to automatically handle the page 1 debit/credit requirement for Owners Title Premiums.”